Rich businessmen pulling out of France as tax-hit looms

cnredd · #1 (**permalink**) 10-08-2012, 12:55 PM

The latest is a lesson some people NEVER, EVER learn...

If you punish success, success, will leave (and you end up in a much WORSE position then if you had never punished success in the first place)...

Quote:

A flood of top-end properties are hitting the market as businessmen seek to leave France before stiff tax hikes hit, real estate agents and financial advisors say.

"It's nearly a general panic. Some 400 to 500 residences worth more than one million euros ($1.3 million) have come onto the Paris market," said managers at Daniel Feau, a real-estate broker that specialises in high-end property.

While it is not yet on the scale of the exodus of rich French after the election of Socialist president Francois Mitterrand in 1981, real estate agents said, the tax plans of France's new Socialist President Francois Hollande are having a noticeable effect.

While the Socialists' plan to raise the tax rate to 75 percent on income above 1.0 million euros per year has generated the most headlines, a sharp increase in taxes on capital gains from the sales of stock and company stakes is pushing most people to leave, according Didier Bugeon, head of the wealth manager Equance.

French entrepreneurs have complained vociferously against a proposal in the Socialist's 2013 budget to increase the capital gains tax on sales of company stakes, which they argue will kill the market for innovative start-up companies in France.

Entrepreneurs in the high-tech sector in particular often invest their own money and take low salaries in the hope they can later sell the company for a large sum.

They say a stiff increase in capital gains tax would remove incentives to do this in France. They also argue that capital has already been taxed several times in the making.

The government has since backtracked, and Budget Minister Jerome Cahuzac pledged Friday to return to the status quo when someone who has created a company seeks to sell it later.

French officials are looking for ways to reduce the country's excessive public deficit and debt, and Hollande won election on a platform of making the wealthy carry more of the load.

Bugeon said he was seeing start-up entrepreneurs looking to move their headquarters out of France and taking their families with them.

AzMike · #2 (**permalink**) 10-08-2012, 04:17 PM

Quote:

Originally Posted by cnredd

The latest is a lesson some people NEVER, EVER learn...

If you punish success, success, will leave (and you end up in a much WORSE position then if you had never punished success in the first place)...

Rich businessmen pulling out of France as tax-hit looms

File this one under no fricken kidding. Successful people don't want to work for other people it's why they start business' and other people includes an out of control government.

jamesrage · #3 (**permalink**) 10-08-2012, 05:14 PM

Quote:

Originally Posted by cnredd

The latest is a lesson some people NEVER, EVER learn...

If you punish success, success, will leave (and you end up in a much WORSE position then if you had never punished success in the first place)...

Rich businessmen pulling out of France as tax-hit looms

Just look at how generous those French people are to give their rich away to other countries.I am sure other countries will appreciate the tax dollars those rich will pay and jobs they may provide.

rivrrat · #4 (**permalink**) 10-08-2012, 05:58 PM

Quote:

Originally Posted by jamesrage

Just look at how generous those French people are to give their rich away to other countries.I am sure other countries will appreciate the tax dollars those rich will pay and jobs they may provide.

What? The wealthy don't provide jobs or money to the economy. They just take and take and never give back.

/end sarcasm

SwissMan · #5 (**permalink**) 10-09-2012, 04:29 AM

Quote:

Most people lump together into the same category all men who become rich, refusing to consider the essential question: the source of the riches, the means by which the wealth was acquired.

Money is a tool of exchange; it represents wealth only so long as it can be traded for material goods and services. Wealth does not grow in nature; it has to be produced by men. Nature gives us only the raw materials, but it is man’s mind that has to discover the knowledge of how to use them. It is man’s thinking and labor that transform the materials into food, clothing, shelter or television sets—into all the goods that men require for their survival, comfort and pleasure.

Behind every step of humanity’s long climb from the cave to New York City, there is the man who took that step for the first time—the man who discovered how to make a fire or a wheel or an airplane or an electric light.

When people refuse to consider the source of wealth, what they refuse to recognize is the fact that wealth is the product of man’s intellect, of his creative ability, fully as much as is art, science, philosophy or any other human value.

Quote:

Money is a great power—because, in a free or even a semi-free society, it is a frozen form of productive energy. And, therefore, the spending of money is a grave responsibility. Contrary to the altruists and the advocates of the so-called “academic freedom,” it is a moral crime to give money to support ideas with which you disagree; it means: ideas which you consider wrong, false, evil. It is a moral crime to give money to support your own destroyers.

Money — AynRand Lexicon

now lets hope,those that pull out are the Productive Variety,not the "wealth-Through-Political-Pull-Crowd"!
Already have enough of those everywhere!

SwissMan · #6 (**permalink**) 10-09-2012, 04:50 AM

and the Irony of it all!

Quote:

TYPICAL...NEW SOCIALIST FRENCH PRESIDENT IS ACTUALLY MULTI-MILLIONAIRE WITH RIVIERA HOMES - In typical Liberal fashion the Socialist President of France is another do as I say, not as I do person. Hollande is Determined to ravage anyone who is successful in France BECAUSE HE ALREADY MADE HIS MONEY! The hypocrite has three homes on the Riviera valued at more than $2M but wants to raise the top tax ...bracket to 75% to pay for his socialist policies. Seems he is like most Liberals, rich so they can afford to be generous with other people's money because they've already made theirs and aren't subject to the same rules and taxes they want to impose!!

This Dog Will Bite: TYPICAL...NEW SOCIALIST FRENCH PRESIDENT IS ACTUALLY MULTI-MILLIONAIRE WITH HOMES ON THE RIVIERA

http://www.thegatewaypundit.com/2012...es-on-riviera/

AZRWinger · #7 (**permalink**) 10-09-2012, 08:06 AM

France provides another example of the falsehood of applying static analysis to determine tax increase revenues. Naturally the reaction of the people actually paying the increased taxes on the rich is ignored. Fairness is substituted for for actual revenue increases.

faithful_servant · #8 (**permalink**) 10-09-2012, 09:26 AM

Maybe they'll all move to Greece...

40yearfan · #9 (**permalink**) 10-09-2012, 06:50 PM

Quote:

Originally Posted by faithful_servant

Maybe they'll all move to Greece...

They should move to Canada. At least they won't have to learn a new language.

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